Join IDNLearn.com today and start getting the answers you've been searching for. Find the answers you need quickly and accurately with help from our knowledgeable and dedicated community members.
Sagot :
Let's go through Lauryn's budget step-by-step to determine how to achieve a positive actual net income.
### Step 1: Calculate Total Budgeted Expenses
First, sum up all the budgeted expenses:
- Car-gas: [tex]$250 - Car insurance: $[/tex]150
- Food: [tex]$120 - Clothes: $[/tex]300
- College Savings: [tex]$75 - Recreation: $[/tex]25
Adding these together:
[tex]\[250 + 150 + 120 + 300 + 75 + 25 = 920\][/tex]
Total budgeted expenses: \[tex]$920 ### Step 2: Calculate Budgeted Net Income Budgeted income (wages): \$[/tex]1050
Net income = Budgeted income - Budgeted expenses
[tex]\[ Net\; income = 1050 - 920 = 130 \][/tex]
Budgeted net income: \[tex]$130 ### Step 3: Calculate Actual Expenses Since the actual expenses are not specified individually, we'll use the same total as the budgeted expenses (\$[/tex]920).
Actual total expenses: \[tex]$920 ### Step 4: Calculate Actual Net Income with Actual Wages Given actual wages: \$[/tex]775
Net income = Actual income - Actual expenses
[tex]\[ Net\; income = 775 - 920 = -145 \][/tex]
Actual net income: [tex]\(-\$145\)[/tex] (This is the shortfall.)
### Step 5: Determine the Adjustment Needed
To achieve a positive net income, Lauryn needs at least a net income of \[tex]$0. Therefore, she needs to cover the shortfall of \(-\$[/tex]145\) to break even, and ideally more to have a positive net income.
Required adjustment:
[tex]\[ Adjustment\; needed = 920 - 775 = 145 \][/tex]
Lauryn needs to either increase her actual income by at least \[tex]$145 or decrease her expenses by at least \$[/tex]145 to achieve non-negative net income.
Steps for modifying the budget:
1. Increase Income: Lauryn could look for additional sources of income or extra work to cover the \[tex]$145 shortfall. 2. Reduce Expenses: Lauryn may need to cut some of her budgeted expenses by at least \$[/tex]145. Here are some suggestions:
- Reduce the car-gas and insurance budget.
- Cut back on clothes or recreation expenses.
- Look for discounts or cheaper alternatives for food.
By making an adjustment, either increasing her income by \[tex]$145 or decreasing her expenses by \$[/tex]145, Lauryn can set her budget to achieve a positive actual net income.
### Step 1: Calculate Total Budgeted Expenses
First, sum up all the budgeted expenses:
- Car-gas: [tex]$250 - Car insurance: $[/tex]150
- Food: [tex]$120 - Clothes: $[/tex]300
- College Savings: [tex]$75 - Recreation: $[/tex]25
Adding these together:
[tex]\[250 + 150 + 120 + 300 + 75 + 25 = 920\][/tex]
Total budgeted expenses: \[tex]$920 ### Step 2: Calculate Budgeted Net Income Budgeted income (wages): \$[/tex]1050
Net income = Budgeted income - Budgeted expenses
[tex]\[ Net\; income = 1050 - 920 = 130 \][/tex]
Budgeted net income: \[tex]$130 ### Step 3: Calculate Actual Expenses Since the actual expenses are not specified individually, we'll use the same total as the budgeted expenses (\$[/tex]920).
Actual total expenses: \[tex]$920 ### Step 4: Calculate Actual Net Income with Actual Wages Given actual wages: \$[/tex]775
Net income = Actual income - Actual expenses
[tex]\[ Net\; income = 775 - 920 = -145 \][/tex]
Actual net income: [tex]\(-\$145\)[/tex] (This is the shortfall.)
### Step 5: Determine the Adjustment Needed
To achieve a positive net income, Lauryn needs at least a net income of \[tex]$0. Therefore, she needs to cover the shortfall of \(-\$[/tex]145\) to break even, and ideally more to have a positive net income.
Required adjustment:
[tex]\[ Adjustment\; needed = 920 - 775 = 145 \][/tex]
Lauryn needs to either increase her actual income by at least \[tex]$145 or decrease her expenses by at least \$[/tex]145 to achieve non-negative net income.
Steps for modifying the budget:
1. Increase Income: Lauryn could look for additional sources of income or extra work to cover the \[tex]$145 shortfall. 2. Reduce Expenses: Lauryn may need to cut some of her budgeted expenses by at least \$[/tex]145. Here are some suggestions:
- Reduce the car-gas and insurance budget.
- Cut back on clothes or recreation expenses.
- Look for discounts or cheaper alternatives for food.
By making an adjustment, either increasing her income by \[tex]$145 or decreasing her expenses by \$[/tex]145, Lauryn can set her budget to achieve a positive actual net income.
Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. Find precise solutions at IDNLearn.com. Thank you for trusting us with your queries, and we hope to see you again.
